Greek Market Watch: PMI, Banks, Alpha Services and Holdings, Bank of Cyprus, Jumbo, Fourlis, Alumil, Trade Estates

 We expect the positive momentum to continue today with banks in focus. 

Today’s Headlines

·         Greek PMI down in November

·         Prime Minister ruled out extraordinary tax on bank profits

·         Alpha Services and Holdings Share Buyback

·         Bank of Cyprus completed share buyback programme

·         Jumbo Share buyback

·         Fourlis announced a technical problem on Group’s digital and electronic systems on black Friday

·         Alumil 9M24 results out

·         Trade Estates announced the conclusion of absorption of its own subsidiaries 

Macro Headlines 

Greek PMI down in November

Greek PMI posted 50.9 in November, down slightly from 51.2 in October, at the second-slowest growth rate in a year but stronger than the long-run series average, signaling only a marginal improvement in the health of the Greek manufacturing sector. 

Sector Headlines 

Prime Minister ruled out extraordinary tax on bank profits

The Prime Minister ruled out yesterday in the ATHEX conference the imposition of an extraordinary tax on banks profits. On top of that, the Governor of Bank of Greece was negative on the imposition of an extraordinary tax since DTC accounts for 40% of the regulatory capital.   

Company Headlines 

Alpha Services and Holdings Share Buyback

Alpha Services and Holdings announced that during the period 25.11.2024 – 29.11.2024, purchased 542,873 own shares, with an average purchase price of EUR 1.4687/share and a total cost of EUR 797,312.55. Following the above purchases, it holds a total of 28,702,016 own shares, representing 1.22% of its total shares. Recall that the AGM approved a share buyback programme of up to 3.0% of the paid in share capital or up to 70,000,000 own shares. 

Bank of Cyprus completed share buyback programme

Bank of Cyprus announced that it completed the share buyback programme. The bank has purchased 5,697,690 ordinary shares for cancellation at a volume weighed average price of EUR 4.39/share for a total consideration of EUR 25.0m.  

Jumbo Share buyback

The company announced that it purchased on 29 November, 35,000 own shares at an average price of EUR 24.668. The company now holds 611,080 shares or 0.45% of the total share capital. 

Fourlis announced a technical problem on Group’s digital and electronic systems on black Friday

The company announced a malicious external action against Group’s digital and electronic systems on black Friday that affected the operations in all 4 countries of operation. 

Alumil 9M24 results out

The company posted its 9M24 results, with revenues came in at EUR 332.0m, up by 13.7% y-o-y. EBITDA of the group reached EUR 40.9m up by 55.5% while EBT increased by 145.3% to EUR 21.1m 

Trade Estates announced the conclusion of absorption of its own subsidiaries

The company announced the completion and the start of absorption of its wholly owned subsidiaries “RENTIS REAL ESTATE INVESTMENTS SA” and “BERSENCO DEVELOPMENT AND REAL ESTATE EXPLOTATION SINGLE MEMBER SOCIETE ANONYME”. 

Calendar of Events

Macros

06/12/24 | 3Q:24 GDP (provisional data) (ELSTAT)

06/12/24 | Scope Ratings – Greek sovereign credit review

10/12/24 | CPI NOV & Industrial Production Index OCT

11/12/24 | Evolution of Turnover of Enterprises OCT

3Q/9M24 Results Release

12/12/24 | Attica Bank

EGM / AGM

09/12/24 | Alumil (EGM)

10/12/24 | Cairo Mezz Plc (EGM)

12/12/24 | Ble Kedros (EGM), Attica Holdings (EGM)

13/12/24 | Real Consulting (EGM)

16/12/24 | AS Company (EGM)

19/12/24 | Technical Olympic (EGM)

24/12/24 | MED (EGM)

Ex-Dividend

16/12/24 | Trade Estates (interim dividend EUR 0.047706)

23/12/24 | Motor Oil (interim dividend EUR 0.30)

20/01/25 | HELLENiQ ENERGY (interim dividend EUR 0.20)

23/01/25 | Thrace Plastics (interim dividend EUR 0.0685848289)

Initiation of trading of new shares

04/12/24 | Attica Bank (shares from the exercise of the warrants) 

Research Department Equity Research   Τ: 210 8173 383 F: 210 3279 287 E: [email protected] 32 Aigialeias & Paradissou str., 15125, Maroussi optimabank.gr